Dec. 10 at 7:11 PM
$ECC As widely expected, the Federal Open Market Committee reduced its benchmark interest rate by 25 basis points on Wednesday, its third straight cut, as the Federal Reserve's monetary policy arm sought to balance its dual mandate of full employment and price stability.
The policy easing brought the federal funds rate target range to 3.50%-3.75%, its lowest level in three years.
The decision showed an increased number of dissents, with three voting members disagreeing with the majority. Fed Governor Stephen Miran again preferred a 50-bp cut, while Kansas City Fed President Jeffrey Schmid again preferred to keep the rate unchanged. This time, Chicago Fed President Austan Goolsbee also preferred no rate change. The last time the FOMC had three dissents to a decision was in 2019.
